Money Decisions in Marriage

Money can destroy marriages.

According to a 2009 US study, almost 18% to 20% couples' disagreements involved money in their married life.

Money not only cause conflicts; it can result in divorce. Money decisions in marriage are crucial, so think twice before making any decision.

When both of you are committed, it is better to discuss finances even before marriage if it’s possible. If you are unable to discuss finances, you can seek the help of a financial advisor. 

Mistakes That People Make While Making Money Decisions in Marriage

Financing is a major challenge that people face after getting married. Money decisions in marriage are important for saving your relationship. Let’s have a look at some of the mistakes that people make when it comes to relationships and money. 

  • Separate Bank Accounts
  • Couples don’t want to argue much on finances, so they prefer separate bank accounts. The paycheck of the husband goes into his account and vice versa. They pay their bills separately. It might seem a good idea, but it will cause financial problems over time. 

    How to overcome this mistake? 

    Marriage is about the partnership, and both of you are now one. So, your accounts should be joint. Splitting bills and bank accounts is a bad idea and can create more money and relationship problems. Put all your money in the same account and consider it your own. 

  • Disagreement about Lifestyle
  • Lifestyle plays a crucial role in relationships. For example, you love to purchase goods at a discount, but your spouse love to buy branded items at full price. If you don’t have the massive income to support the needs of your spouse, it can create problems. 

    How to overcome this mistake? 

    You will have to make compromises in marriage. So, if one partner likes to purchase brands, then visit a mall where you can buy brands at an affordable price. Your lifestyle should match your income instead of your wishes. That’s why money decisions in marriage become crucial. 

  • Personality Differences Between Couple
  • Personality differences can create some severe issues in married life. For example, one partner likes to save money, and the other one is more inclined to spend. Personality difference creates a problem when you are not ready to listen to each other. Another serious issue is when your partner doesn’t want to be involved in financial dealings. 

    How to overcome this mistake? 

    Money decisions in marriage are crucial, and personality differences between couples can make it even worst. You can overcome personality differences by sharing money details. Let your partner know that you don’t have too much money. Plan a budget meeting and discuss everything. Be united and put your personality differences on the back. 

  • Salary Difference Divides Them
  • In most cases, one partner may be making more money than the other. In rare cases, it happens that both partners make the same amount of money. So, instead of comparison, say thanks to the extra leverage you have. When a spouse brings more wealth, it can create troubles in a relationship. When one person is earning more, he/she would like to be the boss. Here the problems start. 

    How to overcome this mistake? 

    Never let salary difference divides you. After marriage, it’s not “yours” or “mine,” in fact; it’s “ours.” This approach can help to save the relationship and deal with money decisions in marriage efficiently. 

  • Financial Unfaithfulness 
  • Unfaithfulness doesn’t only mean that your spouse has an affair. When you open a side bank account, it is a sign of financial unfaithfulness. Similarly, if you have a credit card and your spouse doesn’t know about it. 

    How to overcome this mistake? 

    Be honest and open and let your partner know about side bank accounts or credit cards you have. Build financial trust and set financial goals together. 

  • Expectations Divide Them
  • Another reason for the division between the couples is unmet expectations. When your expectations and needs are not getting fulfilled, you choose different paths. Face reality because living with the right expectations helps to reduce unhappiness from disappointments. So, if your spouse has expectations to celebrate their first anniversary in their new house and they celebrate it in a rent apartment, it can let you down. Never let your expectations to ruin your marital life. 

    How to overcome this mistake? 

    Dream big and have big, but it is when you are alone and not in a relationship. When you are in a relationship, set your expectations low, and face reality. It is not mandatory to buy a home, go to Paris for a honeymoon, and start a family in the first year of marriage. However, you can do all these things with time. So, if you want to convert your dreams into reality, set long-term financial goals. Start saving 10 to 20% of your monthly salary. Never let high expectations to ruin your married life. 

    Best Money Management Tips for Newlyweds

    Money decisions in marriage can predict how you are going to live for the rest of your life. So, follow the tips for money management. 

    • Start talking about finances as soon as possible. 
    • Set your long-term financial goals.
    • Discuss bank account. 
    • Build an emergency fund.
    • Set your budget and continuously track your budget.
    • Plan weekly meetings to discuss finances.
    • Save some money for retirement.
    • Get out of debt as soon as possible and don’t try to retake debt. 


    Money management and marriage can be a tricky combination. You will have to be smart while making money decisions in marriage. Set your financial goals and stick to them. Build trust and let each other know about bank accounts and debit cards. Set expectations that are achievable. Never let your salary difference divide you. Both of you might have a lifestyle and personality difference, so don’t allow them to create problems in marriage life. 

    Set long term goals and stick to them. Plan a weekly meeting to discuss finances and discuss bank accounts. You can live a happy life by sharing responsibilities and finances. Build trust while sharing financial details and you are all set for a happy married life.

    Efforts have been made to get the information as accurate and updated as possible. If you found any incorrect information with credible source, please send it via the contact us form

    Sky Hoon
    He is happily married and have 1 child. He went through the pre marriage counseling and found it useful and wished to share to others in their marriages